The Australian wool market has continued to trend lower, recording it sixth consecutive loss this week.
With the Western region returning to the selling program, the national offering climbed to 39,766 bales.
After this week there are only two more sales remaining in the current season, and the total amount offered continues to be just above that of the previous season.
There have been 1,804,810 bales offered so far this season, 16,000 more bales than the last.
The largest losses were felt on the first day. From the opening lot, it was apparent that buyer sentiment was weak and the prices on offer were well below those of the previous series. Prices opened lower, then slowly but continually reduced as the day progressed. By the end of the first day the Individual Micron Price Guides (MPGs) for merino fleece had fallen by between 19 and 90 cents.
In the East, the skirting markets generally fell by between 15 and 30 cents, while the other sectors recorded minimal change. The result was a 21 cent reduction in the AWEX Eastern Market Indicator (EMI).
The second day further losses were recorded as the market was unable to find a firm level. The merino fleece MPGs dropped by between another 3 and 64 cents, except for a few scattered MPGs which remained unchanged.
The EMI lost another 13 cents for the day, minimal movements in the other sectors preventing a larger fall. The EMI dropped by a total of 34 cents for the series, closing at 1,174 cents. The EMI is now 293 cents lower than at the same time last year, a 20% reduction.
Fremantle heads into another non sale week, reducing next week’s national quantity.
Currently, there is expected to be 33,463 bales on offer, with only Sydney and Melbourne in operation.